UK based neobank Revolut has announced that it has received in-principle approval from the Virtual Assets Regulatory Authority (VARA) in Dubai to offer broker-dealer, management and investment, and exchange services in the UAE.

The approval marks a major milestone in Revolut’s expansion strategy and underscores its commitment to operating within progressive, transparent regulatory frameworks. This year, Revolut also received approval from the Central Bank of the UAE (CBUAE) for its payments activities – reaffirming its intent to build a locally regulated, end-to-end financial ecosystem.

By working closely with the Virtual Assets Regulatory Authority (VARA), and subject to obtaining the relevant final regulatory approvals, Revolut intends to offer the virtual asset services covered by the approval in the UAE, namely broker-dealer, management and investment, and exchange services, through its retail app and standalone exchange, Revolut X. This would enable eligible customers in the UAE to buy, sell, and hold digital assets within a regulated framework.

Joseph Khair, Head of Revolut Digital Assets FZE, UAE said,

“The UAE continues to demonstrate global leadership in establishing a robust and transparent framework for virtual assets, and we are proud to align with that vision. This approval lays the foundation for Revolut to introduce its trusted virtual asset services within a regulated environment, supporting VARA’s goal of fostering a safe, transparent, and innovation-driven virtual assets ecosystem.”

Revolut said it is dedicated to becoming the go-to financial app for the Web3 community worldwide, serving more than 16 million crypto customers globally and offering one of the most trusted and accessible platforms for crypto trading in the UK, EEA, and soon in the UAE.